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I ~, ! ~ After due consideration of the proposals, Member Rebelein then introduced the following resolution and moved its adoption: RESOLUTION NO. 92-110 A RESOLUTION AWARDING THE SALE OF $230,000 GENERAL OBLIGA TION SEWER REVENUE BONDS, SERIES 1992B; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT BE IT RESOLVED By the City Council of the City of New Brighton, Ramsey County, Minnesota (City) as follows: Section 1. Sale of Bonds. 1.01. Theproposalof Park Investment Corporation (Purchaser) to purchase $230,000 General Obligation Sewer Revenue Bonds, Series 1992B (Bonds) of the City described in the Terms of Proposals thereof is found and determined to be a reasonable offer and is accepted t the proposal being to purchase the Bonds at a price of $ 228.390.00 plus accrued interest to date of delivery, for Bonds bearing interest as follows: Year of Maturity Interest Rate Year of Ma turity Interest Rate 1994 1995 1996 3.00% 3.20% 3.60% 1997 1998 4.00% 4.30% True effective interest rate: 4.0692% 1 .02. The sum of $ -0- being the amount bid by the Purchaser in excess of $ 228,390 will be credited to the Debt Service Fund hereinafter created. The City Clerk-Treasurer is directed to retain the good faith check of the Purchaser, pending completion of the sale of the Bonds, and to return the good faith checks of the unsuccessful bidders forthwith. The Mayor and City Manager are directed to execute a contract with the Purchaser on behalf of the City. 1.03. The City shall forthwith issue and sell the Bonds in the total principal amount of $230,000, originally dated November 1, 1992, in the denomination of $5 ,000 each or any integral multiple thereof, numbered No .R..1 ,upward, bearing interest as above set forth, and which mature serially on February 1 without option of prior payment in the years and amounts as fonows:- SJB41089 HE136-97